Who Profited From the Intervention?

By

Marc Faber

Updated Sept. 8, 1998 12:01 a.m. ET

I was surprised that the Hong Kong authorities justified their recent massive stock-market intervention as a defense against hostile attacks by "speculators" and international "currency manipulators." Joseph Yam, chief executive of the Hong Kong Monetary Authority, has argued on this page that the intervention was necessary because "manipulative speculative activities threaten to undermine the fabric of this model economy," which boasts the world's "strongest economic fundamentals."